Hello

 

If you read a single article about why there is a trust deficit with financial institutions and regulators and other industry leaders in America, take a look at Gretchen Morgenson's piece in the Sunday New York Times.


Here she is on Alan Greenspan: "Then, on Thursday, my meter sputtered as Alan Greenspan, former “Maestro” of the Federal Reserve, testified before the same Congressional questioners. He defended years of regulatory inaction in the face of predatory lending and said he was 'in a state of shocked disbelief' that financial institutions did not rein themselves in when there were billions to be made by relaxing their lending practices and trafficking in exotic derivatives."


She takes on Christopher Cox, chairman of the Securities and Exchange Commission, brokerage firms who "insisted that auction-rate securities were as good as cash" and Wall Street dealmakers "who were fawned over like all-knowing superstars, their comings and goings celebrated."


There are a lot of Americans whose hypocrisy meters like her's are in over-drive.

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